:00:00. > :00:00.retirement. We look back on Jonny Wilkinson's fabulous career. That's
:00:00. > :00:14.all in Sportsday, in 15 minutes after the papers.
:00:15. > :00:18.Welcome to our look ahead to what the papers will be bringing us
:00:19. > :00:22.tomorrow. With me are the former State Department official, Colleen
:00:23. > :00:25.Graffy, and Jason Beattie, the political editor of the Mirror.
:00:26. > :00:28.Let's look at some of the front pages now. We start with the
:00:29. > :00:31.Independent, it warns that millions of householders could become what it
:00:32. > :00:36.calls mortgage prisoners, if interest rates start going up. The
:00:37. > :00:39.Metro carries the story of a man who discovered his critically ill wife
:00:40. > :00:44.was still alive three days after he'd agreed to have her life support
:00:45. > :00:47.switched off. The mistake was only revealed when he phoned the hospital
:00:48. > :00:53.to arrange her funeral. The Express ` scientists say that
:00:54. > :00:58.short high`intensity workouts can help prevent diabetes.
:00:59. > :01:04.The Guardian ` it claims that Pfizer is giving up on the planned takeover
:01:05. > :01:07.of AstraZeneca after the latest bid was rejected.
:01:08. > :01:11.The telegraph ` Abu Hamza found guilty in an American court of
:01:12. > :01:15.terrorism charges. The Daily Mail ` a test that could
:01:16. > :01:19.help prevent thousands of heart attacks a year will be rolled out
:01:20. > :01:24.across the NHS in the next few months.
:01:25. > :01:27.We start with the Independent. Millions face become mortgage
:01:28. > :01:30.prisoners. We're all mortgage slaves, now we're going to be
:01:31. > :01:36.prisoners. Yes. It's quite dangerous. This is a report by a
:01:37. > :01:44.think`tank called the Iran resolution Foundation. It was set up
:01:45. > :01:47.specifically `` called the Resolution Foundation. There are
:01:48. > :01:53.alarming figures. A small interest rate rise could hurt 700,000 people.
:01:54. > :02:00.They could be in severe financial trouble. Interest from 0. 5% to 3%
:02:01. > :02:04.could affect one in four of all mortgage holders, about 2. 2 million
:02:05. > :02:09.people. Why is this important? It's the pain and worry it will cause
:02:10. > :02:12.anybody who has a mortgage. A lot of them got it on low equity. And
:02:13. > :02:16.there's a political headache as well. We're coming up to an
:02:17. > :02:21.election. If this happens before an election, that's awkward for George
:02:22. > :02:24.Osborne. Now the pressure is on Bank of England governor, Mark Carney. He
:02:25. > :02:30.has to make that decision. Now it's a highly charged political decision.
:02:31. > :02:34.Mark Carney has made it clear, at some point, when the economy
:02:35. > :02:38.normalises interest rates will go up. He can't say when. He made the
:02:39. > :02:44.point that when they do go up, they will go up slowly, and reach nowhere
:02:45. > :02:48.near the levels they were before the crash. That's right. We're getting
:02:49. > :02:52.mixed messages about this. One day we'll be told that interest rates
:02:53. > :02:57.will not be rising, then the have a headline like this. A word to the
:02:58. > :03:00.wise is sufficient. To be looking at how you can be paying down your
:03:01. > :03:04.mortgage, more from interest only mortgage into one that's fixed. Even
:03:05. > :03:08.though it will be more expensive, now might be the time to do. It I'm
:03:09. > :03:17.talking to myself as well here. I thought so. I'm grateful for
:03:18. > :03:20.financial advice. Give us more. We all know it's coming. It's comfort
:03:21. > :03:25.being to know it's not going to be as high as once `` as it once was.
:03:26. > :03:27.When it will happen and being prepared is important. It's like
:03:28. > :03:32.quantitative easing in the United States, they just got so used to it
:03:33. > :03:36.happening, all this cheap, free money, but at some point, the music
:03:37. > :03:39.has to stop when you have to find a seat to sit down on. It's the same
:03:40. > :03:43.here. Interest rates have been low for a long time. Have. The other
:03:44. > :03:47.thing here, why were people allowed to get mortgages with such low
:03:48. > :03:51.levels of equity? We have much lower rates in London than in Scotland or
:03:52. > :03:55.Northern Ireland. It's something like 35% equity in Northern Ireland
:03:56. > :04:01.compared with as low or 5% or 2% here. We were creating a subprime
:04:02. > :04:05.market when we said we would not let it happen again. But how do people
:04:06. > :04:09.get into the housing market, so they can afford the payments, even at a
:04:10. > :04:12.fixed rate, but they can't afford, if they can't get four times their
:04:13. > :04:19.salary they're not going to get anything. It's a double bind for
:04:20. > :04:27.everyone. Going to the business section of the Telegraph, US accuses
:04:28. > :04:30.China of spying on metal groups and the US Attorney`General has laid
:04:31. > :04:34.charges against some Chinese military officials for stealing US
:04:35. > :04:37.business secrets. This is a big story. We've known it for some time
:04:38. > :04:43.in the United States that the Chinese have been stealing secrets.
:04:44. > :04:47.China has been put on notice behind closed doors, subtly, out of public
:04:48. > :04:51.view, saying this has to stop. The Chinese have insisted on saying that
:04:52. > :04:57.it's not happening, that they want evidence that this is happening. So
:04:58. > :05:01.now, a firm has gotten specific evidence that these five individuals
:05:02. > :05:06.in particular, who were named, with the military, out of a union nit
:05:07. > :05:10.Shanghai have been responsible `` unit in Shanghai have been
:05:11. > :05:16.responsible for hacking US steel, nuclear, aluminium, and so this,
:05:17. > :05:22.well, this has repercussions for the UK. One of the companies was westing
:05:23. > :05:26.house. They were involved with the nuclear reactors, I think three of
:05:27. > :05:32.them are in Cumbria, the project by New Generation. What information do
:05:33. > :05:38.the kienees have about this nuclear reactor ` Chinese. This could be a
:05:39. > :05:42.security issue. The Attorney`General's office that has
:05:43. > :05:45.laid out the charges. You used to work in the State Department. This
:05:46. > :05:49.is a headache for you guys. You are the international arm of American
:05:50. > :05:54.foreign policy. You guys have got to deal with the Chinese on a
:05:55. > :05:59.day`to`day basis. Oh, yes. How will this affect that relationship?
:06:00. > :06:02.Chiepees foreign `` Chinese Foreign Minister says it's a pack of lies,
:06:03. > :06:07.there's no evidence of this and that it's going to hurt some of our
:06:08. > :06:12.projects we're working on, cyber security, for example, and one of
:06:13. > :06:15.the things you have to do is just take the heat. It's so important for
:06:16. > :06:21.American and global business that you don't have these secrets stolen
:06:22. > :06:27.by governments and therefore, pulling the rug out from competition
:06:28. > :06:33.and the market that you just have to take the heat on the diplomacy side.
:06:34. > :06:36.I suspect the Chinese would say one, we didn't do this any way, so these
:06:37. > :06:42.are all allegations. They would say that, wouldn't they? Secondly, they
:06:43. > :06:46.probably will say that everyone's doing it. Yes, interestingly,
:06:47. > :06:52.although what's interesting is that the Americans have named and shamed,
:06:53. > :06:55.British Secret Service have been sound is the alarm bell on this
:06:56. > :07:00.issue for a long time. There are known cases of the Chinese trying to
:07:01. > :07:04.hack in or successfully hacking into British firms to steal intellectual
:07:05. > :07:09.property rights. When David Cameron was in China in December, it was
:07:10. > :07:15.raised there. There were kerbs about `` concerns about tie`ups with
:07:16. > :07:19.Chinese firms and whether this telecoms company would then, by
:07:20. > :07:23.using Chinese technology, would gain British companies and British
:07:24. > :07:28.institutions. There is a wider issue. This is platant what they're
:07:29. > :07:34.doing. They may `` blatant, they may deny it. They're very etents. It's
:07:35. > :07:37.the military, so it's efficient. They're doing this with businesses.
:07:38. > :07:47.Are they doing it with military hardware. Is this going to lay the
:07:48. > :07:50.ground for cyber technology? We have become more open. The risks are
:07:51. > :07:53.higher. The big industry in the United States were trying to move
:07:54. > :07:57.into non`fossil fuels, one of the companies was a solar company. They
:07:58. > :08:01.were constantly getting under cut with the pricing from Chinese
:08:02. > :08:04.companies. Now they've learned it's because they had all the information
:08:05. > :08:10.about what their pricing strategy was. So it's really caused some
:08:11. > :08:16.difficulty for that industry in the United States. The Chinese would
:08:17. > :08:23.also say famously, the Obama White House has decided in foreign policy
:08:24. > :08:37.terms to pivot towards Asia. As a result, try to hem in the Chinese.
:08:38. > :08:42.Obama went to Asia, not to Beijing, he went to all the other countries
:08:43. > :08:45.and we know that there are territorial disputes reason Asia.
:08:46. > :08:49.This is all part of trying to keep the Chinese down. I think that might
:08:50. > :08:55.be what they say. What it's really about is that they have a huge
:08:56. > :08:58.population that is trying to have a rising standard of living. They have
:08:59. > :09:02.got to have an increase in their GDP. The only way of doing that is
:09:03. > :09:08.stealing secrets, keeping ahead of industry of all the other countries
:09:09. > :09:13.so that they can accommodate all of this rising demand. That's what it's
:09:14. > :09:17.really about. They don't do that, they have civil unrest, they have
:09:18. > :09:22.issues, sectarian, religious, environmental. Need growth rates of
:09:23. > :09:30.8% just to stand still. Exactly. Let's go on to the Guardian. Pfizer
:09:31. > :09:33.pulls out of Astra battle. US drugs giant walks away from bid rejected
:09:34. > :09:37.and billions wiped off AstraZeneca's share price today. One way of
:09:38. > :09:41.looking at this, this was like two dinosaurs trying to mate. It was
:09:42. > :09:48.going to be unsuccessful whatever happened. I don't like the optics on
:09:49. > :09:52.that one. They're both firms which are wholly reliant on the patent
:09:53. > :10:01.business with the drugs they produce. The patents are expiring.
:10:02. > :10:05.Therefore this merger was predicated on two things that Britain had a low
:10:06. > :10:09.tax base. Pfizer wanted to save some money and it could then move in on
:10:10. > :10:16.the Astra's research and development, was left of it, snap up
:10:17. > :10:20.the atents. Actually the real `` patents. The work in pharmaceuticals
:10:21. > :10:24.is done on a smaller level. That's where the big development is taking
:10:25. > :10:31.place. It would be better if they'd spent this money on actually
:10:32. > :10:42.encouraging more research or micro esearch rather than these huge
:10:43. > :10:47.aggressive takeovers. Some Americans are always welcome over here! UK
:10:48. > :10:51.Government has specifically put in this incentive of lower tax so that
:10:52. > :10:56.this kind of thing would happen. Pfizer made a very lucrative offer
:10:57. > :11:00.and there is a patent box that the Government put in place, meaning a
:11:01. > :11:04.10% tax value means they have to have all the management of the
:11:05. > :11:08.patents and the work done within the United Kingdom for exactly that
:11:09. > :11:13.reason, to protect research and development, that it is managed and
:11:14. > :11:19.done here. So it is a little bit inappropriate to say that we want to
:11:20. > :11:26.bring new business into the United Kingdom with tax incentives and then
:11:27. > :11:30.start going, oh, we like science. This is a slap in the face of the
:11:31. > :11:37.George Osborne's ideal of the economy. He is trying to turn us
:11:38. > :11:44.into a tax haven and an extraordinary free market economy.
:11:45. > :11:47.This whole proposed merger throughout all those issues. A low
:11:48. > :11:55.tax regime is not necessarily the best regime? Why is it bad?
:11:56. > :11:59.AstraZeneca are going to be in deep trouble if they don't increase their
:12:00. > :12:05.earnings and their board members and shareholders will be pretty upset.
:12:06. > :12:12.Why didn't we do this merger? New blood and money. Some of them are.
:12:13. > :12:21.So could we get a hostile take`over? Unless AstraZeneca turnaround before
:12:22. > :12:24.the 28th, then Pfizer needs to wait six months before making another
:12:25. > :12:30.offer. They went up from 53 to 55 and they are not that far away from
:12:31. > :12:36.58p. But 65 billion off the stock market? That is the requirement of
:12:37. > :12:40.the Government, that research and development has to be managed. That
:12:41. > :12:43.is an interesting point because there was talk about research and
:12:44. > :12:48.development jobs going but the bottom line today was a did not
:12:49. > :12:51.offer enough cash. If they had, AstraZeneca did not really care. I
:12:52. > :12:57.am putting words into their mouths now, but the suggestion was it was
:12:58. > :13:03.all about money fundamentally. Getting a higher share. We will
:13:04. > :13:12.continue this later. I did not even get to do my work`out! OK, you guys
:13:13. > :13:16.will be back in an hour for another look at the stories behind the
:13:17. > :13:21.headlines. Many thanks for that. Stay with us on BBC News because at
:13:22. > :13:25.the top of the hour we will be live in New York, where the radical
:13:26. > :13:30.Islamist cleric Abu Hamza faces a possible life sentence after being
:13:31. > :13:40.convicted of terrorism charges. Now it is time the Sportsday.